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The global esoteric testing market size is estimated to grow by USD 18.87 billion at a CAGR of 11.51% between 2022 and 2027.
Esoteric tests are useful in the early detection of chronic diseases. Chronic diseases are one of the leading causes of disability and death worldwide. The three main chronic diseases are cardiovascular disease, chronic obstructive pulmonary disease (COPD), and type 2 diabetes, often caused by high blood pressure (BP), blood cholesterol, and obesity. In addition, chronic diseases such as heart disease, asthma, cancer, and diabetes are generally not curable. These diseases can be prevented and controlled through exercise, a healthy diet, and early detection and treatment. These diseases are diagnosed in a clinical laboratory. Hence, the increasing prevalence of chronic diseases will drive the growth of the global esoteric testing market during the forecast period.
Technavio has segmented the market into Type, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The market share growth by the infectious disease segment will be significant during the forecast period. There has been an increase in the incidence of infectious diseases across the globe. Infectious diseases are caused by organisms such as bacteria, viruses, fungi, and parasites. Globally, infectious disease epidemics increase due to changing lifestyles leading to reduced immunity. The pattern of infection rates has also changed with the development of drug-resistant pathogens.
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The infectious disease segment was valued at USD 5.04 billion in 2017. HIV/AIDS remains the leading cause of death in many countries. According to data from the United Nations Program on HIV/AIDS (UNAIDS), in 2020, around the world, 680,000 people will die from AIDS-related diseases. The incidence of infectious diseases has also decreased in many countries. Globally, the prevalence and incidence of infectious diseases are increasing due to global climate change. This is expected to be the main driver for market growth during the forecast period.
The hospital laboratories segment holds the largest share in the global esoteric testing market. Esoteric tests play a key role in modern healthcare because they offer significant advantages over conventional tests. The increasing number of patients visiting hospital laboratories for diagnostic purposes is driving the demand for esoteric tests in this segment. The increasing prevalence of chronic diseases and the rising number of diagnostic tests performed in hospital laboratories drive the growth of the hospital laboratories market segment during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. Factors such as the adoption of advanced technologies coupled with a well-established healthcare infrastructure will drive the growth of the esoteric testing market in the region. A number of hospitals and clinics in the area are adopting esoteric testing services to effectively diagnose and treat a rapidly growing number of patients.
Furthermore, the growing number of corporate wellness programs and travel and tourism activities are driving the growth of the market. In the US, many organizations offer healthcare as part of their corporate wellness program, which is increasing the adoption of clinical laboratory services. The growing demand for esoteric tests from government organizations for procedures like visa approval is also driving the growth of the market. Hence, such factors are expected to drive market growth in this region during the forecast period.
During 2020-2021, the North American esoteric testing market has witnessed rapid growth due to the outbreak of the COVID-19 pandemic. To meet the growing demand for COVID-19 testing, laboratories have continuously expanded their esoteric testing capabilities. Furthermore, increasing research and development activities and increasing incidence of infectious diseases will drive demand for esoteric tests in the region. Hence, the esoteric testing market will witness significant growth in the region during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The University of Utah: The company offers esoteric testing such as in-house esoteric testing panels, under the lab called ARUP Laboratories.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges.
Growing emphasis on expansions of esoteric testing facilities is a primary trend in the market. An increase in the global average age due to an increase in longevity or life expectancy will lead to an increase in the number of elderly people in the world. In addition, advances in medicine and healthcare have resulted in fewer cases of disability. The increase in the elderly population has led to an increase in healthcare costs related to regular health check-ups, disease diagnosis, treatment, and surgery.
Furthermore, the most common problems affecting the aging population are Alzheimer's disease (AD), cardiovascular disease, osteoarthritis, diabetes, and cancer. Since the elderly have weak immunity and metabolism, they need frequent diagnostic testing. This increases the demand for esoteric testing services. As a result, the growing aging population globally especially in countries like Japan and Italy will boost the growth of the global esoteric testing market during the forecast period.
The lack of skilled clinical laboratory professionals is a challenge that affects the growth of the market. Clinical laboratory specialists are trained and certified professionals who are trained in the theoretical and practical aspects of clinical laboratory processes and procedures. Clinical laboratory professionals play different roles, such as technologists, research technologists, supervisors, administrators, or educators. Approximately 60-70% of all medical decisions regarding admission and discharge, as well as diagnosis and treatment, are determined by the relevant tests and diagnoses performed by laboratory specialists.
However, there is still a shortage of trained professionals who can handle advanced diagnostic equipment. Lack of expertise increases the likelihood of misdiagnosis. Therefore, it is important to train staff in the use of critical diagnostic equipment. The market is very competitive. Therefore, an accurate diagnosis is essential. Hence, the lack of skilled technicians and lab professionals may impede the growth of the global esoteric testing market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Esoteric Testing Market Customer Landscape
The esoteric testing market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Esoteric Testing Market Scope |
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Report Coverage |
Details |
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Page number |
153 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.51% |
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Market growth 2023-2027 |
USD 18.87 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.77 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ATS GENETECH PVT. LTD., Bio Rad Laboratories Inc., Creative Biogene, Cytek Biosciences Inc., EMSL Analytical Inc., Enzo Biochem Inc., Intertek Group Plc, IQVIA Holdings Inc., Kindstar Globalgene Technology Inc., Laboratory Corp. of America Holdings, Machaon Diagnostics Inc., MedGenome Labs Ltd., Merck KGaA, Microbac Laboratories Inc., Miltenyi Biotec B.V. and Co. KG, Oncquest Laboratories Ltd., Rochester Regional Health, Sonic Healthcare Ltd., The University of Utah, and Yoda Diagnostics |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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